With our electrical regulations, if the conduit has been installed correctly and so forms part of an enclosure; ie: in to a weatherproof electrical box, then that would be a dry location.
If, however, it is just a bit of pipe that you happen to run the wires in and the pipe doesn't actually terminate into anything, then of course, it's the same as just burying in the ground as far as wet locations are concerned.
From the 2002 NEC: 300.5 Underground Installations. (D)(5) Listing. Cables and insulated conductors installed in enclosures or raceways in underground installations shall be listed for use in wet locations.
Larry, I will of course bow to your knowledge of your electrical system.
As far as I can tell from posts here and elswhere, your regs are mandatory; ie: THE LAW.
Unfortunetely our regs are a British Standard, but not the law. Ridiculous. I think that your regs on the underground wiring make a lot of sense though. The likelihood of water ingress is high, and so cables really ought to be water rated.
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